What does "Wealth" Mean to You?Submitted by Shore Morgan Young Wealth Strategies on July 27th, 2023
In our client meetings, the term “wealth” is often tossed around somewhat loosely. We talk about building wealth, managing wealth, enhancing wealth, and preserving wealth as if the concepts are universally understood. But what exactly is wealth? It’s such a vague term that every person has a slightly different meaning. That’s why we need to start with some deep introspection about what having wealth really means.
The Risk of More
When the idea of wealth turns into the pursuit of “more”, there usually isn’t a destination. Happiness is often only fleeting because any sense of satisfaction is only temporary and often replaced by a desire for the next thing. Failure to appreciate what we have may only increase the “risk of more,” with possibly no guarantee of increased happiness.
Some people that consider themselves wealthy see money as a tool to help them pursue what matters to them. Their life narrative isn’t about having more money, but about having enough to live the way they want. There’s even evidence to suggest that people are happier when they purchase experiences instead of things, as shown in one study by The University of Texas at Austin.
Wealth as a Destination
Many people, even ambitious ones, struggle to clearly define their vision of a good life. In some cases, this leads them to follow any path, often chosen impulsively based on current needs and the actions of others around them. Imagine what could happen if someone suddenly received a large windfall, but had no ambitions or purpose. Do you think they would use it toward something they cherish, or spend it carelessly?
Taking some time to create clarity around your vision of the future may help you define your purpose. Try to spend a few moments thinking about how you view wealth, and how that belief impacts your approach to your goals. When you have clarity around your purpose, you may have an easier time developing a financial strategy that could help you grow and preserve your wealth so you can lead a good life.
And if you need help defining wealth and creating an actionable plan to help you pursue your goals, consider talking to a financial professional. They can help you turn your definition of wealth into a strategy that aims to bring you closer to your ideal lifestyle. Give us a call or send us a message and let’s discover what wealth means to you.
This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2023 Advisor Websites.